The fund's investment objective is to provide high current income and, secondarily, capital appreciation.

Strategy

Invests at least 80% of its net assets in bonds that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, emerging market countries. The fund may invest in unrated or below investment-grade bonds.

Those seeking high current income and capital appreciation, as well as greater diversification for their fixed income investments who can accept the volatility and special risks inherent in international emerging markets investing, including currency fluctuations. Appropriate for both regular and tax-deferred accounts, such as IRAs.

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This fund offers investors the potential for high current income and capital appreciation by investing primarily in high-yielding, high-risk bonds in emerging markets in Latin America, Asia, Europe, Africa, and the Middle East. Access to these markets is important, because bonds from emerging nations can offer yields that are considerably higher than those provided by high-quality U.S. and foreign bonds, as well as higher capital appreciation potential.

This fund involves a high-risk approach to income from foreign bonds, and its share price could fluctuate significantly. The fund is subject to the risks unique to international investing, including unfavorable changes in currency values. In addition, there are interest rate and credit risks normally associated with investing in bonds.

*Funds are placed in general risk/return categories based on their 10-year standard deviation or, for newer funds, the standard deviation of the types of securities in which they invest. There is no assurance past trends will continue. As of December 2013.

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